Last week the Fed raised rates by another ¼ point which was expected. Most experts believe this will be the last Fed hike for at least a few months, if not the last for this inflationary cycle. Interestingly, conforming mortgage rates when down by a ¼ point this past week to 6.75%. This was a nice break for Buyers, as rates had been at 7% for several weeks. However, Buyer activity was down this past week. Homes going under contract week over week were down in both NW Seattle and SW Snohomish. I’m not sure if this is due to the Fed rate hike and fears that mortgage rates would go up, or just part of our normal summer slow-down. Most likely a combination of both. Listing Brokers are feeling that slight slowdown. Only about 40% of new listings in the past two weeks in NW Seattle had review dates.
New listings were down for the past few weeks, which is helping old inventory get absorbed out of the market. Inventory in NW Seattle is down nearly 8% from the previous week. Typically, inventory levels grow over the summer months, so from a Seller’s perspective, it is nice to see that inventory levels are not climbing. I’ve mentioned this before — it is our lower inventory levels that are keeping our values stable. Buyer demand is keeping up with our current inventory levels.
And as always, if you have any additional real estate questions, feel free to call/text us any time! We’re always here to help!
STEVE HILL
Broker | REALTOR® | Luxury Advisor | Premier Director
CELL 206-769-9577
SANDRA BRENNER
Managing Broker | REALTOR® | MCNE | SRS | CRS®
CELL 206-271-7100
WINDERMERE REAL ESTATE / FN
12250 Greenwood Ave N
Seattle, WA 98133
MAIN 206-367-4720
brennerhill.com
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